Leighton Reaps $20 Million From Sale of Cheltenham Building and Development Site

Well placed industry sources say the sites new owner, a trust, is affiliated with education service provider Holmesglen, who may eventually redevelop the site into a new campus, with accommodation, but this speculation was denied by the school.

The property is within 100 hectares of previously industrial-zoned land council has been rezoning, and remarketing, to attract commercial office, and high-tech industrial users. An education facility like Holmesglen would be a boon to the precinct.

High land costs, rents and taxes in Cheltenham, and other suburbs in the Bayside municipality, have pushed many industrial users further out of town, to areas like Dingley and Dandenong, where new industrial facilities are available more cheaply

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.